Breast biopsy application segment is expected to continue to lead the market because of increased incidences and mortality rates of breast cancer. Moreover, initiatives by various government bodies to spread the awareness about breast cancer is expected to supplement the growth of the breast biopsy devices market. Breast biopsy is followed by liver & bile duct biopsy, which is the second highest revenue-generating application segment globally.
Biopsy Devices Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $2,399 million by 2022, registering a CAGR of 5.5% during the period 2016-2022.
Biopsy devices market isowing to increase in several types of cancer such, as breast, prostate, & lung, and rapid technological advancements in the field of diagnostics. The emerging economies have witnessed an upsurge in the prevalence of chronic diseases due to increase in the aged population and change in lifestyles. The Emergence of novel biopsy techniques and advanced integrated imaging technology, such as MRI, CT, ultrasound scan, and others, are expected to supplement the diagnosis of chronic diseases namely, cancer using biopsy procedures. However, high cost associated with advanced biopsy technologies may restrict the market growth.
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Key Findings of Biopsy Devices Market:
- CT-guided biopsy segment is anticipated to grow at the highest CAGR of 6.3% during the forecast period.
- The diagnostic centers would continue to lead the revenue generating end use segment by garnering around half of the share in the overall market.
- Lung biopsy is projected to be the fastest growing application segment, registering a CAGR of 7.0%.
- The robotic guidance system segment is expected to register the highest CAGR of 7.0%.
- The Asia-Pacific region is projected to be the fastest growing market, with a CAGR of 7.2%.
- Hospitals are projected be the fastest growing end use segment, owing to increase in integration of diagnostic facilities within the premises.
North America was the highest revenue generating region due to rise in incidences of chronic diseases in 2015. North America and Europe, collectively, accounted for more than three-fourths of the overall market in 2015; this trend is likely to continue over the forecast period. Factors that drive the growth of biopsy devices in the developed regions are awareness about cancer diagnosis, high purchasing power, and availability of skilled personnel to perform biopsy procedures.
The key companies profiled in the report are C.R. Bard, Inc., Leica Biosystems, Hologic, Inc., Becton, Dickinson and Company, Ethicon EndoSurgery Inc., Fujifilm Medical Systems, Veran Medical Technologies, Boston Scientific Corporation, MDxHealth, Mauna Kea Technologies, Cook Medical, Inc., Medtronic, Argon Medical Devices, Inc, Intact Medical Corp., and others.